Northern Arc reaches first close of 15th debt fund at Rs.400-Cr

Chennai-based Northern Arc Investment Managers has achieved a first close of its Northern Arc Diversified Debt Fund with commitments exceeding INR 400 crore. The capital was sourced from institutions, family offices, ultra-high-net-worth individuals and high-net-worth individuals.The fund is a sector-agnostic Category II Alternative Investment Fund (AIF) focused on performing private credit. It carries a five-year tenure with a target corpus of INR 1,500 crore, plus a greenshoe option of INR 500 crore.Northern Arc Investment Managers has launched 15 funds since 2014, with seven having reached full maturity. The latest development follows the maturity of the Northern Arc India Impact Fund, which supported 60 businesses with a gross deployment of over INR 1,398 crore.